企業合併綜效及其影響因素之研究

• Main Author: 謝佩霓
• Other Authors: 孫梅瑞
• Format: Others
• Language: zh-TW
• Published: 2002
• Online Access: http://ndltd.ncl.edu.tw/handle/80128099906470571537

碩士 === 銘傳大學 === 國際企業管理研究所 === 90 === Abstract The purpose of this study is to investigate whether produce the synergy of merger activities in Taiwan and associate influential factors with it. In the empirical study, we examine the synergy of Taiwan''s acquiring firms and target firms for the mergers during the period 1987-1997.According to Efficiency Theory, the synergy of merger is analyzed from three categories: operation, finical, and market in the study. Furthermore, we also investigate several factors how to influence synergy. For the essence of synergy, we include the data of target companies and try to more conform it. We find five important results: 1.There is not any synergy existence; the evidence is that the ZPROB, the return on total assets, the rate of growth operation turn to be worse than those was before the merger. 2.Total relative assets of acquiring firms and target firms actually do something with the return on total assets. When the total assets of target firms are larger, the return on total assets of acquiring firms after merger activities is better.3.Acquiring firms, for obtaining profits from the listing, process the back door listing, what would do something negative with the ZPROB and the return on total assets.4.The boom factor has the apparently positive effects on the ZPROB, the return on total assets, and the rate of growth operation simultaneously.5.Traditional industrial firms would have the evidently positive effects on the ZPROB after the merger. The evidence is that traditional industrial firms could get improved due to the merger activities.